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Domestic rebar inventories at Chinese steelmakers have begun to mount following five consecutive weeks of declines, as traders have turned more cautious about replenishing stocks given the climb in finished steel prices and the impact these are having on their procurement costs.
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China’s national average benchmark price for Q235B grade 4.75mm hot-rolled coil increased by Yuan 3/tonne ($0.4/t) on week to reach Yuan 4,312/t including 16% VAT as of August 10, according to Mysteel’s latest weekly survey. Tight supplies forced traders to pay more for their coil, with the extra passed on to buyers, respondents said.
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The futures price for rebar on the Shanghai Futures Exchange (SHFE) ended higher on week as of Friday, as investors were encouraged by improved market sentiment in the physical market. Other positive factors included the ongoing output cuts among steelmakers and the approaching round of additional environmental facility inspections, Mysteel notes.
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Edited by www.mysteel.net
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Output of carbon steel rebar among the139 steelmakers monitored by Mysteel increased for a third straight week last week, rising by 3% on week to 3.3 million tonnes during the July 26-August 1 period, according to Mysteel’s latest weekly production survey released on August 2. Survey respondents said that steelmakers were driven to beef up their production after seeing the climb in rebar prices.
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China’s national average benchmark price for Q235B grade 4.75mm hot-rolled coil rose by Yuan 25/tonne ($3.7/t) on week to Yuan 4,309/t including 16% VAT as of August 3, as traders became reluctant to lower their offer prices for more sales mainly due to the high cost. Many steel mills have decided to raise their HRC list prices for August sales last week.
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Inventories of the five major carbon steel products held by domestic traders nationwide and regularly checked my Mysteel began to swell in the last week of July, according to Mysteel’s latest weekly stocks survey released on August 2. The five are rebar, wire rod, hot-rolled and cold-rolled coil and medium plate.
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Five major steel products inventories at millsUnit: ‘000 tonnes
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Output of carbon steel rebars among the 139 major Chinese steelmakers regularly monitored by Mysteel continued climbing during the July 19-25 week, gaining another 2.5% or 77,700 tonnes on week to reach 3.2 million tonnes, according to Mysteel’s latest study released on July 26.
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China’s domestic Q235B grade 4.75mm hot-rolled coil price rose by Yuan 29/tonne ($4.3/t) on week to Yuan 4,284/t including 16% VAT as of July 27, mainly attributed to the relatively bullish market sentiment amid the central government and local authorities’ efforts to improve air quality via restricting steel mills’ daily operations.
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Output of rebar and wire rod at the 139 major Chinese steel producers Mysteel regularly monitors reversed up by 34,500 tonnes or 0.8% on week to 4.55 million tonnes during July 12-18, according to the latest inventory study released on July 19. Respondents attributed the increase to steelmakers in East China's Xuzhou - who had suspended their production as part of pollution control measures - gradually recovering output from July 12.
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The price of Q235 billet in North China's Tangshan rebounded by Yuan 20/tonne ($3/t) on week to Yuan 3,720/t EXW and including the 16% VAT as of July 20, according to Mysteel's latest survey. The strong price recovery - against a background of tightening supply and lackluster demand - was triggered by cutbacks in production undertaken by local integrated steel mills over July 18-21.
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China's national average benchmark price for Q235B grade 4.75mm hot-rolled coil dropped by Yuan 7/tonne ($1/t) on week to Yuan 4,255/t including 16% VAT as of July 20. Market watchers attributed the tumble to weak demand and slack sales.
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The price of Q235 billet in Tangshan in Hebei province, North China, reversed up by Yuan 100/tonne ($15/t) on week to Yuan 3,700/t EXW including the 16% VAT as of July 13. Steelmakers and traders nursing lower inventories felt no pressure to sell and so lifted offer prices while markets remain buoyant.
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China's national average benchmark price for Q235B grade 4.75mm hot-rolled coil climbed by Yuan 33/tonne ($5/t) on week to Yuan 4,262/t including 16% VAT as of July 13, which was mainly attributed to better sales, market sources shared.
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Edited by www.mysteel.net
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Edited by www.mysteel.net
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China's national average benchmark price for Q235B grade 4.75mm hot-rolled coil dropped by Yuan 48/tonne ($7.3/t) on week to Yuan 4,229/t including 16% VAT as of July 6. Market sources said traders were willing to discount HRC prices to promote sales on noting that downstream demand has become tepid now.
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The inventories of construction long steel comprising rebar and wire rod at 139 key Chinese steel mills reversed down 17,800 tonnes or 0.7% over the week to about 2.5 million tonnes as of July 4, mainly because of less rebar output amid slack demand, according to Mysteel's latest weekly stocks survey.
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The combined stockpiles of the five major carbon steel products held by Chinese steelmakers and traders at the end of last week - comprising rebars, wire rods, hot-rolled and cold-rolled coils and medium plate - declined slightly as sellers priced aggressively to encourage business, Mysteel's latest weekly survey released on July 5 showed.
